When the monthly paycheck comes in, putting aside money for savings can be a difficult decision.

Every dollar has to count, and you can’t afford to waste money on unnecessary funds.

There are, however, a few things that every parent should be saving up for if they want to avoid being overwhelmed later on.

Consider the following funds you’ll want to include within your financial plans.

College Fund

Tuition costs have been on the rise for decades, and they are only going up. Where before people could afford to pay for school with one job, students are now often forced to take on multiple on top of their classes in order to cover tuition and living expenses.

More commonly, students will take out loans that leave them in debilitating debt that haunts their credit for years after. If you want your children to have the best future in a college education, it would be wise to start saving now. Consider utilizing trust funds for this, as it will allow you to set aside money with interest building.

Your children also won’t be able to access the funds until they are old enough to attend college, at which point it can be used toward a university, trade school, or other source of higher education to help them reach their career goals.

Wedding Fund

Whether you have a son or daughter, the idea of the bride’s family paying for the wedding is pretty outdated. In some cases, the bride and groom pay for their own wedding.

However, as the parent, it’s really nice to be able to help the new couple start off their new life without having to take out unnecessary loans. As weddings become bigger and more expensive, it’s important to prepare early so that the costs of gowns, suits, flowers, and venues don’t overwhelm you on your child’s big day. This is another place where investing in a trust fund can be beneficial. Investing in stocks can also be beneficial, as they may allow you to amass a larger amount faster.

Retirement Fund

Start saving for retirement as early as you can. If you’re able to start in your twenties, you won’t regret it. If your company has the 401(K) savings plan within your benefits package, take full advantage of it.

Working through your workplace is a great way to save up faster, as companies will often match deposit amounts for their employees.

It may also be greatly beneficial to open up a Roth IRA, as the money you withdraw in retirement will be considered tax-free. No matter what retirement package or savings plan you go with, it’s best to consult with retirement planning advisors during the process to ensure you’re getting the best ROI.

Emergency Fund

While a flat tire or an unexpected expense can be disruptive, most families have enough money on hand to handle these without having to overhaul their entire lifestyle.

However, other emergencies can do a lot more than just unexpectedly sap household funds. Illness, injury, natural disasters, or unexpected layoffs can come at any time and leave families without access to income.

If you or your spouse lost your jobs, consider how much money it would take in order to run the household for six months. This is how much you’ll want to have set aside at all times in order to prepare against a major emergency so that your family has something to live off of until your lives can be put back on track.

Of course, if you have more to spare, it’s never a bad idea to set aside a little more as you go along, as every little bit counts when disaster strikes.

There are lots of ways to save up money in today’s financial market, but it’s important to identify what you’re saving for. Anticipating major expenses ahead of time can help you prepare your family and finances with well-developed savings. This can help keep your family out of major debt while also allowing you and your children to advance in your lives in a sustainable way.